Real Estate

Here’s what the Fed’s half-point rate hike means for your money


The Federal Reserve raised its target federal funds rate by a half point at the end of its two-day meeting Wednesday, notching the largest increase in the benchmark in more than 20 years.

“The Federal Reserve is behind the curve,” said Greg McBride, chief financial analyst at “They have to raise interest rates a lot — and in a hurry.”

What the federal funds rate means to you

The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.

“Rising interest rates mean borrowing…


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